Whales stir up PEPE waves, where will the altcoin go?
Huge transfers have triggered market speculation. Can PEPE prices rise?
On July 10, a huge transfer of PEPE worth $82 million attracted the attention of the cryptocurrency market. The transfer was sent from an unknown wallet to the exchange Bybit, involving 9 trillion PEPE tokens, and accompanied by a 9.7% increase in the price of PEPE.
Who is behind this mysterious transfer?
The transfer address 0x88a14933…23e323ade3 has previously had multiple high-value ETH transfer records, indicating that it is highly active. At present, the address holds ETH worth about $311,400 and 29 tokens worth about $275.3 million, and the trading behavior is relatively diversified.
Whale holdings and historical performance
According to IntoTheBlock data, PEPE whales (investors holding a large amount of PEPE) hold as much as 12.17%, and the market concentration is relatively high. AMBCrypto analyzed that retail investors hold less than 1% of the positions.
Historical data shows that there is a close connection between PEPE whale activity and price trends. For example, in May 2023 and March 2024, PEPE prices rose sharply as trading volume surged.
What does whale activity indicate?
AMBCrypto further analyzed Coinglass data and found that the increase in whale activity was accompanied by a surge in liquidation volume, which is often associated with sharp price fluctuations. This means that increased whale activity may lead to greater market volatility.
Short-term outlook for PEPE prices
Recently, PEPE prices have been relatively stable, but huge transfers may bring new variables to it. If the bulls accumulate strong enough momentum, PEPE prices are expected to break through key resistance levels; otherwise, they may continue to consolidate.
How should investors respond?
Investors should pay close attention to changes in PEPE whale activity and make prudent decisions based on their own risk tolerance. The cryptocurrency market is volatile, and investors need to invest rationally and not blindly chase highs and bottoms.
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